~ Le Viêt Nam, aujourd'hui. ~
The Vietnam News

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Vietnam devalues currency



The State Bank of Vietnam's central bank has devalued the country's currency, the dong, by just over five per cent.
Bank officials said the dong would now be traded at eleven-thousand eight-hundred to the dollar. instead of its previous rate of eleven-thousand one-hundred and seventy-five The devaluation had been prompted by Vietnamese business being made less competitive by the much larger declines of other regional currencies as a result of the East Asian economic crisis.

A BBC business correspondent says the move has been welcomed by economists who believe the small scale of the devaluation will not mean too great a shock to the economy.

BBC World Service - Feb 16, 1998.